In a leveraged market, profits made over hours or even weeks can be wiped out in an instant. On October 24, as Bitcoin dropped below $80,000, over $436 million in crypto positions were liquidated within just four hours—approximately $404 million of which came from long positions. In such a market, opening short positions immediately after a price drop or going long right after a rally isn’t trading—it’s chasing the market. I monitor price alongside open interest and funding rates because the real issue isn’t predicting direction, but identifying where excessive leverage has accumulated. #Leverage